SoftBank is selling its Open Opportunity Fund to its chairman and managing partner, Paul Judge, and Marcelo Claure, who is being appointed the fund’s vice chairman and general partner.
The Open Opportunity Fund
SoftBank Group is a Japanese multinational investment holding company focusing on investment management.
It announced the launch of its second fund under the Opportunity Growth Fund this year, rebranded as the Open Opportunity Fund (OOF).
Judge took the reins as chairman of the second fund. Claure, who initially launched OOF, previously served as SoftBank’s COO until 2022 and is now returning to work with the fund around a year after he stepped away.
“Today, I’m thrilled to announce my return to the Open Opportunity Fund as Vice Chairman and General Partner,” Claure wrote on LinkedIn.
“As a Bolivian immigrant entrepreneur, I overcame many fundraising challenges. During my tenure at SoftBank, I was a founding member of the Opportunity Fund, so others did not need to go through similar struggles as I did.”
Judge and Claure Take Charge
Judge and Claure will now fully own the firm’s $100 million Open Opportunity Fund 1, the $150 million Fund 2, and the entire portfolio. Fund 2 will also increase its target to $200 million.
Claure called the acquisition a “significant milestone,” saying it “demonstrates a concrete move towards more diverse representation within all layers of the venture capital ecosystem.”
“Marcelo brings a wealth of experience and a vast network that can help our portfolio companies,” said Judge, according to TechCrunch.
“Marcelo’s extensive network of Latino entrepreneurs significantly enriches our deal flow within this vibrant community.”
Claure confirmed that Fund 2 seeks investors seeking to drive more diversity in the tech ecosystem. It aims to invest in 50 pre-seed to growth-stage companies in fintech, health tech, edtech, sales, and marketing.
“As a Latino and Hispanic entrepreneur who was successful in growing businesses, I still had to fight harder to get funding,” Claure said, according to a press release.
“Together through the Open Opportunity Fund, we are investing back into our communities, ensuring that Black and Latino innovators have the capital they need to grow profitable businesses.”
